Australian mining giant Anglo American Corporation has announced that it has agreed to acquire a 58.9 percent interest in the Revuboè metallurgical coal project in Mozambique from the Talbot Estate for a total cash consideration of approximately US$555 million.
The Revuboè project is a joint venture partnership including Nippon Steel Corporation with a 33.3 percent interest and POSCO with 7.8 percent interest. The project has a reported JORC resource of 1.4 billion mt of hard coking and thermal coal suitable for open cut mining, with the potential to support the export of six to nine million mt per year.
Cynthia Carroll, chief executive of Anglo American, said: "The acquisition of a majority interest in Revuboè is in line with our strategic commitment to grow our global metallurgical coal business to supply our customers from each of the key metallurgical coal supply regions of Australia, Canada and Mozambique."